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Before making any investment decision, you should consult your adviser.
Market Opener – 08 Nov 2017
Local Markets Commentary
The Australian market commences mid-week trade with the S&P/ASX 200 having surpassed 6000 for the first time since early-2008, but on largely negative overnight commodities leads, and ahead of key data out of China.
China’s October trade figures are expected 2pm AEDST, and foreign direct investment (FDI) is anticipated anytime from today.
In overnight commodities trade, US gold futures and oil were pushed lower. Iron ore pulled back. LME copper and nickel turned and dropped.
The $A traded below US76.45c after falling beneath US76.60c early yesterday evening.
Locally today, CBA provides a trading update and Brickworks (BKW) and ResMed (RMD) trade ex-dividend.
Updates and industry commentary are also anticipated from high-profile stocks holding AGMs today, including ACX, ALU, DMP, FMG, SGM and VAH.
Overseas Market Commentary
Major European and US equities markets mostly headed lower during early overnight trade, struggling for momentum amid some disappointing influential European data releases and policy and political debate in the US.
Speculation over the likely progress of proposed US tax reform legislation appeared to weigh in the US, ahead of expectations Republican senators will release a proposal by the end of the week, a week later than House of Representatives Republicans.
The US financial sector fell out of favour, viewed as in association with tax change uncertainty.
In addition, US State and local government elections were watched closely, in particular a contest for the Virginia governorship.
Further, as trade closed, US Federal Reserve chair Janet Yellen was publicly espousing the link between public perception of central bank independence in acting in public best interest and the effectiveness of any policy moves.
In data releases, a US job openings report estimated 6.093M opportunities in September, from 6.082M for August
An economic optimism index rose by 3.3 points over the past month to 53.6.
Euro zone retail sales rose 0.7% for the month, after falling 0.5% in August. Year-on-year, sales had improved 3.7%.
Germany’s September industrial production dropped 1.6% for the month, against forecasts of a 0.8% fall and following a 2.6% rise in August.
UK like-for-like retail sales were estimated by the BRC to have fallen 1%. Overall, retail sales rose 0.2% during October, the weakest result in ~nine years, following a 1.9% improvement in September.
Tonight in the US, weekly mortgage applications are due.
Eon, Inpex, UK department store Marks & Spencer, Mitsubishi UFJ, Nissan and Toshiba Tec are among companies scheduled to report earnings today or tonight.
In overnight corporate news, both Toyota and BMW lifted full—year earnings outlooks following a 16% quarterly profit increase for Toyota.
Moeller-Maersk reported a swing to a quarterly loss, citing offshore oil exploration impairments and a cyber breach.
The Australian market commences mid-week trade with the S&P/ASX 200 having surpassed 6000 for the first time since early-2008, but on largely negative overnight commodities leads, and ahead of key data out of China.
China’s October trade figures are expected 2pm AEDST, and foreign direct investment (FDI) is anticipated anytime from today.
In overnight commodities trade, US gold futures and oil were pushed lower. Iron ore pulled back. LME copper and nickel turned and dropped.
The $A traded below US76.45c after falling beneath US76.60c early yesterday evening.
Locally today, CBA provides a trading update and Brickworks (BKW) and ResMed (RMD) trade ex-dividend.
Updates and industry commentary are also anticipated from high-profile stocks holding AGMs today, including ACX, ALU, DMP, FMG, SGM and VAH.
Overseas Market Commentary
Major European and US equities markets mostly headed lower during early overnight trade, struggling for momentum amid some disappointing influential European data releases and policy and political debate in the US.
Speculation over the likely progress of proposed US tax reform legislation appeared to weigh in the US, ahead of expectations Republican senators will release a proposal by the end of the week, a week later than House of Representatives Republicans.
The US financial sector fell out of favour, viewed as in association with tax change uncertainty.
In addition, US State and local government elections were watched closely, in particular a contest for the Virginia governorship.
Further, as trade closed, US Federal Reserve chair Janet Yellen was publicly espousing the link between public perception of central bank independence in acting in public best interest and the effectiveness of any policy moves.
In data releases, a US job openings report estimated 6.093M opportunities in September, from 6.082M for August
An economic optimism index rose by 3.3 points over the past month to 53.6.
Euro zone retail sales rose 0.7% for the month, after falling 0.5% in August. Year-on-year, sales had improved 3.7%.
Germany’s September industrial production dropped 1.6% for the month, against forecasts of a 0.8% fall and following a 2.6% rise in August.
UK like-for-like retail sales were estimated by the BRC to have fallen 1%. Overall, retail sales rose 0.2% during October, the weakest result in ~nine years, following a 1.9% improvement in September.
Tonight in the US, weekly mortgage applications are due.
Eon, Inpex, UK department store Marks & Spencer, Mitsubishi UFJ, Nissan and Toshiba Tec are among companies scheduled to report earnings today or tonight.
In overnight corporate news, both Toyota and BMW lifted full—year earnings outlooks following a 16% quarterly profit increase for Toyota.
Moeller-Maersk reported a swing to a quarterly loss, citing offshore oil exploration impairments and a cyber breach.